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CoreLogic: December home prices rise the most in six years

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The U.S. headed into 2013 with home values on the rise due to an 8.3% year-over-year surge in home prices in December, according to data firm CoreLogic (CLGX).

The Irvine, Calif.-based company said December home prices grew the most annually since May of 2006.

From November, home prices – including distressed sales – edged down 0.4%.

When excluding distressed properties, home prices rose 7.5% over last year in December.

"December marked 10 consecutive months of year-over-year home price improvements, and the strongest growth since the height of the last housing boom more than six years ago," said Mark Fleming, chief economist for CoreLogic. "We expect price growth to continue in January as our Pending HPI shows strong year-over-year appreciation."

CoreLogic's Home Price Index currently suggests home prices will rise 7.9% from last year in January and fall by 1% from December. When excluding distressed sales, January home prices could rise 8.6% from a year ago.

The five states with the most home price appreciation included Arizona, where values shot up 20.2% over last year in December; Nevada (15.3%); Idaho (14.6%); California (12.6%) and Hawaii (12.5%). All of these figures include distressed sales.

The only four states to experience price depreciation last month were Delaware (down 3.4%); Illinois (down 2.7%), New Jersey (down 0.9%); and Pennsylvania (down 0.5%).  

kpanchuk@housingwire.com

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